complicated savings calculator

anoncol

How can a calculator on the internet do something you can't do your self with irregular payments etc?

colsten

qwer1 wrote: »

Ohh...forgot to tell you, I am from Europe, so laws are different probably.

The basic way interest is calculated is the same throughout the world. Are you actually sure you have a fixed term savings account that lets you make irregular deposits? Such accounts are highly unusual.

Anyway, you can try this general calculator which will allow you to specify multiple irregular deposits.

If that calculator doesn't work out what you want to have calculated, you need a custom spreadsheet that uses the exact data you want to have used. It's easy enough to make one even with basic spreadsheet skills. Or just use pen and paper.

I should mention that however precise the calculations will be, you should set your expectations to the absolute minimum. Savings interest rates are at rock bottom lows and they won't rise much over the next five years, so you won't get rich from the interest your money earns.

qwer1

I think you guys didnt understand me.

I have a savings account on which I can deposit as much money as possible, and yes, interest rate is fixed.
The account is valid for 2,5 yrs now, 2,5 yrs more to go. Some payments have been done, and some will be.

I dont see a reason why I would need a crystal ball - start dates depend on the date I have made payments, end date is a date on which that account expires - August 2018. in my case.

My idea was to set parameters- interest rate, amount, start date, end date - for example;
07.11.2014.- 01.08.2018., 5% - 1.000,00 units
13.05.2015. - 01.08.2018., 5% - 25.000,00 units
24.06.2017. - 01.08.2018., 5%- 10.000,00 units
etc etc....

and the overall interest could be calculated using those amounts.

A way around probably is to calculate each individual interest and sum it all together but I thought to do it all at once.

colsten

qwer1 wrote: »

I think you guys didnt understand me.

I think we all did.

qwer1 wrote: »

A way around probably is to calculate each individual interest and sum it all together

This is certainly possible, and was the first answer you were provided with. As you say spreadsheets are too difficult for you, you should probably do just that

LXdaddy

qwer1, I did think that you were trying to calculate the interest earned on the account based on the deposits that you had already made (so no crystal ball required)


You can work out the interest earned by taking the difference in days between deposit and maturity (or withdrawal) then apply the daily interest rate.


The complexities are a) what happens in a leap year? And b) is interest added to the account (ie is the interest compounded)


If interest is added to the account annually (on a specific date or on the anniversary of opening for example) it is better to do the calculation for each year. Take the balance at the start of the year as one part, it will gate a full year's interest. Then for each deposit you can do the calculation of the days in the account * daily interest rate. You can then calculate the total closing balance for the year and that is the opening balance for the next year.